Printable version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS

Division 27 - Effect of input tax credits etc. on deductions

View history reference

View history note Hide history note View history notes

History Div 27 inserted by No 176 of 1999.

Subdivision 27-A - General

View history reference

View history note Hide history note View history notes

History Subdiv 27-A (heading) inserted by No 77 of 2001.

SECTION 27-15  GST payments

View history reference

27-15(1)

You cannot deduct under this Act a loss or outgoing consisting of a payment under Division 33 of the ^*GST Act.

27-15(2)

This section does not apply to the payment:

(a) to the extent (if any) that the *net amount to which the payment relates was increased under section 21-5 of the *Wine Tax Act (which allows for such increases to take account of wine equalisation tax); and

View history reference

(b) to the extent (if any) that the *net amount was increased under section 13-5 of the *Luxury Car Tax Act (which allows for such increases to take account of luxury car tax); and

View history reference

(c) to the extent (if any) that the *net amount was increased under paragraph 13-10(1)(a) of the Luxury Car Tax Act (which allows for such alterations to take account of increasing luxury car tax adjustments under that Act).

View history reference

View history note Hide history note View history notes

History S 27-15(2) amended by No 73 of 2006, s 3 and Sch 5 items 156 to 158, by substituting "*Wine Tax Act" for "A New Tax System (Wine Equalisation Tax) Act 1999" in para (a), substituting "*Luxury Car Tax Act" for "A New Tax System (Luxury Car Tax) Act 1999" in para (b) and substituting "Luxury Car Tax Act" for "A New Tax System (Luxury Car Tax) Act 1999" in para (c), effective 1 July 2006.

27-15(3)

View history reference

This section does not apply to the payment of *assessed GST (under section 33-15 of the ^*GST Act) on a ^*taxable importation that:

(a) was not a ^*creditable importation; or

(b) was ^*partly creditable;

but only to the extent that that payment of assessed GST exceeds the ^*input tax credit (if any) to which you are entitled for that importation.

View history note Hide history note View history notes

History S 27-15(3) amended by No 39 of 2012, s 3 and Sch 1 items 186 and 187, by substituting "the payment of *assessed GST" for "the payment of *GST" and "that payment of assessed GST" for "that payment of GST", applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012. S 27-15 inserted by No 176 of 1999.